Life insurance is a very simple product. The insured pays the insurance company a premium so that in case of his early demise, G-d forbid, the death benefit that he has chosen will be paid to his beneficiaries. Usually this is a large lump sum, but it is also possible to chose a death benefit that pays the beneficiaries a monthly income for a fixed number of years.
Lump sum death benefits paid by an Israeli insurance company are exempt from Israeli income taxes.
Death benefits that are paid out monthly are subject to Israeli income taxes.
The amount of life insurance should allow the family of the insured to continue living according to their custom even though the income producing ability of the insured is now gone.
All life insurance plans sold by Israeli insurance companies are term insurance plans, meaning that their cost increases as the insured gets older and they end by age 70 or 80, depending on the insurance company.
While life insurance can be bundled together with a savings plan, there are no whole life or universal life insurance plans sold in Israel.
If you pay Israeli taxes, then payments into an Israeli life insurance policy are tax deductible.
car insurance in israel,car insurance israel ,israel car insurance,insurance agency,car insurence,auto insurance,car insurance quotes,motor insurance agent,insurance car,agent car insurance,car insurance companies,car insurent,i car insurance,buying a car in israel,vehicle insurance,best car insurance,"car insurance"
